Rather than use the term “retirement”, I would much rather say “lifestyle change”. It should not be considered an end but rather a new beginning of new experiences chosen by you rather than a corporate manager. We all have interests and desires that we haven’t had the time or extended energy to pursue. What if this could be your time and opportunity to break out of the proverbial box and start something enjoyable and fun.

Let’s review some of the common concerns people experience. Finances, housing (temporary or perceived as permanent), possible location change, renewed or expanded relationships, family and friend considerations. I know individual lists go one and on, but these issues are present in most cases I’ve worked with! And I would like to add my addition to the mix……. fulfilling, purposeful, and joyful!

An individual’s lack of purpose can be devastating to a one’s “sense of self” and lifestyle when they have known little else for so many years! They may have neglected the people and circumstances they are now coming home to. They may have to deal with new and unfamiliar relationship issues. The Mental Health Foundation has reported that one in five of present-day
retirees experience depression or physical illnesses. A very good option is decreasing one’s hours or even making a conscious choice to work under less stressful conditions while still continuing to work for possibly 15-20 more years. Most healthy people over 55yrs. want to fill their days with something to be enthusiastic about! The shock of such a sudden and drastic lifestyle change without adequate preparation may be much too difficult for many to emotionally handle.

In regard to finances it is very important to have a good financial advisor that you feel comfortable with and has experience with what financial holdings you presently own. What activities or hobbies do you want to start or continue participating in? How do you plan to spend your leisure time? Is travel a priority, especially in regard to visiting family and friends? Do you prefer to stay and continue to work within your present community? Will you have adequate healthcare for your future? Do you have charitable contributions you want to continue making?

In Part 3 of this series we will further explore the possibilities for one’s future.